Wednesday, January 28, 2009

Iceland's most famous and no doubt most outrageous pop artist Bjork is collaborating with Icelandic venture capital firm Audur Capital for the launch of a 100-million-krona (about $816,300) investment fund to spur Iceland’s ravaged economy through investment in green technology.

"Instead of talking about the problems we have, she is on a mission to build a sustainable Iceland that's not going to leave the country in worse shape for future generations," says Audur co-founder Halla Tomasdottir. Audur contributed 100 million krona ($775,000) to start the fund which will be named . Audur is managed entirely by women and was launched by Tomasdottir and co-founder Kristin Petursdottir in 2007.

In a recent interview with the Associated Press quoted by The New York Times, Björk said “If the money for the next aluminum smelters would go into supporting these businesses, we would be in a much better position in Iceland in five years’ time, both economically and also just image-wise or dignity-wise.” She continued, “I will not be able to live with my own conscience when my grandchildren drive around Iceland and it’s just full of factories and smelters.”

Audur has given a March deadline for prospective investors to join the fund, which will provide venture capital to local green businesses. Audur is primarily targeting investors in Iceland but would also welcome LPs from other European countries.

Bjork joins the ranks of other celebrities crossing over into venture capitalism. Bjork joins Bono, lead singer for U2, who joined Elevation Partners in 2004, and Al Gore who is a partner at both Kleiner Perkins Caulfield & Byers and Generation Investment Management.